Gold struggles under high Fed rates, finding support at $2,029.83; Silver and Copper reveal bearish trends in key technical levels.
Key Insights
Silver currently exhibits a downward trend, trading at $22.1065 with a significant drop of 2.22%. Analyzing the 4-hour chart, the metal has breached a critical pivot point at $22.5055, indicating a shift in market dynamics. Resistance levels are now set at $22.9566, $23.3620, and $23.7297, which may pose challenges to any upward movement.
On the downside, Silver finds immediate support at $21.9850, followed by subsequent levels at $21.5930 and $21.3103. The 50-day and 200-day Exponential Moving Averages (EMAs) are positioned at $22.8358 and $23.3254, respectively, suggesting a bearish market sentiment.
A key observation is the violation of a descending triangle pattern, previously offering support around the $22.5055 mark. In summary, Silver’s market outlook appears bearish below the $22.5055 threshold, signaling a potential continuation of the current downtrend.
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.